Non-Energy: Restructuring: Molycorp: Chapter 11 Filing/Interim Management
Molycorp Inc. (the Company) produced and sold rare earths and rare earth materials in the U.S. and internationally. Dacarba LLC, an Opportune LLP company, was engaged to provide interim management, serving as Senior Vice President Finance and Treasurer and was a key participant in the administration of the Company’s Chapter 11 process and successful emergence.
Dacarba added tremendous value by:
- Participating in Molycorp’s preparation for its Chapter 11 filing, including arrangements for its Debtor in Possession (“DIP”) financing, preparation of financial information included in initial court filings, planning for continuing/post-petition transactions with customers and suppliers, and planned for treasury management considering cash transactions among Molycorp’s debtor and non-debtor subsidiaries
- Overseeing the preparation and weekly update of the 13-week cash flow forecasts for Molycorp and its international subsidiaries
- Taking responsibility for relationships and interactions with DIP lender and DIP financing custodian
Coordinated efforts of the committee established to review and approve or decline proposed payments on pre-petition obligations
- Managing the current and holdback payments of court-approved professional fees
- Participated in the preparation and filing of periodic financial reports with the court and managed the calculation and payment of U.S. Trustee fees
- Participating in the request for, and evaluation of, proposed bids for the sale of certain subsidiaries and business units
- Overseeing all aspects of insurance coverages throughout the Chapter 11 proceedings and upon emergence
Because of the complexities of restructuring, Dacarba differentiates itself with our ability to bring experts from tax, process and technology, accounting and corporate finance. In virtually all of our engagements, a core restructuring team is supported by the diverse expertise within Dacarba, for the benefit of our clients. For more information, click here.